Claudio Haddad President

Transcription

1 2011 Annual Report

2 We are very excited and optimistic about Insper and Brazil. With the support of the Insper Community, we will undoubtedly continue to better fulfill our mission each year, while creating value for Brazil as a whole. For Insper, the year 2011 was replete with important achievements, some of which, to our great satisfaction, are highlighted on the following pages. In the College, one of these was the Effective Problem Solving program (REP), which was launched in early 2010 as a series of activities that culminated, in the second semester of 2011, in an experience conducted in the field for the Business Administration students. In the sixth semester of the program, they were divided into 16 groups of five students each, who worked together on real-world unstructured problems presented by 13 companies. The projects counted as one course and the curriculum was adjusted so students could take advantage of this field work without affecting their other courses. This experience is, to our knowledge, unprecedented at business schools and gives a strong edge to our business administration program. Overall it was extremely successful, with both students and companies reporting high levels of satisfaction. For all those involved, including the associate deans, professors, companies, staff, mentors and especially the Major Donors who sponsored this initiative, we express our profound gratitude. We also received excellent news on the exam of the National Association of Graduate Centers in Economics (ANPEC) taken by all candidates applying to graduate programs in economics. Insper students obtained the two highest scores on the exam, attesting to the high quality of our Economics program. Of the top 50 scores, ten were attained by students who had completed our series of courses in advanced economics, which is also open to students from other schools. Congratulations to all the students and professors involved directly or indirectly in this achievement. In the evaluation published by the Ministry of Education (MEC), in the second semester of the year, Insper was one of just 27 institutions of higher learning in Brazil to receive a grade of five, the highest mark, in the overall appraisal of programs offered. The School placed seventh in the overall ranking, which included many universities offering doctoral and other stricto sensu graduate programs, which is not our case. Another highlight was the first place obtained by the team formed by Insper in the Investment Research Challenge sponsored by the U.S.-based CFA Institute. With this result, the team classified for the competition s international phase held in New York this year. Congratulations to the students and professors involved in the competition. I am also happy to note that our research professors had a high number of papers accepted for publication in international journals with an A classification. Ten of them received awards for best paper presented at a conference or published in a technical journal, one of whom also placed second in the Jabuti Award, which is a prestigious Brazilian literary award for best book in the fields of economics and business administration. We made progress on the campus-expansion project, with construction of the building on a lot adjacent to our campus on schedule for delivery in the first half of this year. With the eight floors to be occupied by Insper, our floor space will expand by 80%, which will improve the quality of the educational experience offered at Insper. To all the Major Donors who donated to sponsor spaces that made this project a reality, I extend my deep appreciation. Insper has a Scholarship Fund with the goal of enabling all students with academic ability to study at the School, regardless of their income. The fund is maintained exclusively by donations, which last year surpassed the annual target by 25%. Our deep thanks to all those who donated to the scholarship fund, 39 of whom are Insper alumni. Because of you, we maintain over one hundred scholarship students, which gives us great satisfaction in being able to provide equal opportunity and fulfill our social function. In the lato sensu graduate programs, we implemented a broad reformulation of the curricula and program offerings, which will take effect in Our aim is to always strive to improve our traditional programs while constantly innovating to offer new alternatives of excellent value to our target public. In 2012, we plan to advance the project for developing a new undergraduate program in engineering, to continue expanding our activities in the area of executive education in both custom and open-enrollment programs, to expand our faculty and to continue the various initiatives aimed at improving the quality of our academic programs and operations. We are very excited and optimistic about Insper and Brazil. With the support of the Insper Community, we will undoubtedly continue to better fulfill our mission each year, while creating value for Brazil as a whole. To all of you who are helping to transform this dream into reality, I extend my sincerest appreciation. Claudio Haddad President

3 Board of Directors Peter Graber Jorge Paulo Lemann Howard Stevenson Paulo Guilherme Aguiar Cunha Pedro Moreira Salles Claudio L. S. Haddad (President) Michael Edgar Perlman Luis Norberto Pascoal Vision To be a leading center in education and research in the fields of Business and Economics, combining academic rigor and a practical approach to forge leaders and professionals who will make a difference. Mission To develop people who share our educational approach, generating and disseminating knowledge in the fields of Business and Economics and fostering its practical application. Executive Committee Luca Borroni-Biancastelli Dean of Executive Education Marcia Maria Nizzo de Moura Senior Director of Institutional Development Claudio L. S. Haddad President Christian Greiffo da Justa Menescal Senior Director of Operations Andrea Accioly Fonseca Minardi Dean of Undergraduate Programs Irineu Gustavo Nogueira Gianesi Dean of New Academic Projects Rinaldo Artes Dean of Research Degree Programs Letícia Costa Dean of Graduate Programs Our educational approach centers on the development of students at all stages of their professional lives and relies on their full commitment and participation in the learning process. We value rigorous academic research based on real-world issues, which contributes to the enhancement of public policy and organizational practice. To learn more about Insper s governance practices, go to:

6 Scholarship Fund In 2011, a goal of R$700,000 was established members of the Insper Community and Major for donations to the Scholarship Fund, which Donors, for a total of 96 donors. With this result, provides financial assistance to undergraduate Insper can further expand the support it gives students. to undergraduate scholarship students and also increase the number of full scholarships granted in The amount raised of R$878,000 surpassed this the year. target by 25%, with important support coming from Amount raised 121 Target Scholarships Awarded Mentoring Program 2011 MBA Alumni who supported undergraduate students in their senior year. Alexandre Hideo Yoda Anderson Nogueira Borges Beatriz de Toledo Cullen Camilo Henrique de Syllos Célia Regina Pizzi Celso Hissashi Maehata Claudio Kassab Cristiane Moreira Gonçalves Mondaini Daniel Pini Nader Edson Gomes Ribeiro Eliane Aparecida Sooma Laurelli Fabricio de Moura Fatima Maria Martins Neri Giuliano de Oliveira Mourão Henrique Cordeiro Mariano Ivar Nantes Tagara João Gilberto Pinheiro José Geraldo Setter Filho Katia Korovin Marcelo do Amaral Ferro Marco Oliver Anton Mario Sergio Tampellini Martin Klos Rahal Raquel Boarato Barreiros Soré Ricardo Siniscalchi de Souza Rodrigo Messias Ventura Solange Barbosa Pinheiro de Almeida Program Pulsação Since 2010, Insper student Luiza Cruz has dedicated her time as a volunteer consultant for the School s Quality of Life Program, which targets staff and faculty members. This internal program seeks to improve the health and well-being of Insper employees, which is in keeping with the Institution s strategies and values. The Mentoring Program enables seniors in undergraduate programs to receive personalized guidance and advice. Mentors are alumni students enrolled in MBA programs who have strong academic backgrounds and experience and knowledge of job markets in a variety of fields Scholarship Fund Starting Balance (-) Scholarships Awarded 1,582 1, Scholarships Awarded (1,630) (1,622) (1,682) Refund Donations Undergraduate Program Revenue (1%) Ending Balance (Remunerated) 1, ,153 (thousands of Reais) Preparation of mentors

7 Insper s goal is to help shape individuals who can identify key problems in their fields and proficiently apply their knowledge and skills to create valuable solutions for organizations and society was marked by innovation and also recognition by government agencies and associations. Insper received the maximum grade in the IGC overall assessment conducted by the Ministry of Education and ranked seventh among the 2,176 post-secondary schools offering undergraduate and graduate programs in Brazil. For the fifth straight year, Insper featured in the Financial Times Executive Education Ranking, and in the ranking of Executive Education Custom Programs, Insper placed 24 th worldwide. In open-enrollment programs, Insper ranked third in Latin America and 30 th worldwide. Our undergraduate students did exceptionally well in national exams and competitions. They received the highest scores in the exam conducted by the National Association of Graduate Centers in Economics (ANPEC), and the School s team also won first place in the national competition of the Investment Research Challenge of the CFA Institute, which is the world s most prominent organization involved in certifying the credentials of investment professionals. Retrospective

8 Retrospective Insper s learning dynamics are heavily based on solving complex problems, seeking to reproduce some of the more critical aspects they will face over their careers. Effective Problem Solving (REP) Effective Problem Solving (REP) is a pioneering During the activities, each group of students was Academic achievements undergraduate program involving business schools from around the world. The intensive format seeks accompanied by a mentor, who supported them in their professional development. The students have to develop skill sets in problem analysis and solving, lived a whole cycle of analysis: from identifying the Investment Research Challenge ANPEC teamwork and results orientation, as well as other characteristics considered essential for developing problem to proposing a solution. At the end of the program, the best students received a Green Belt- Insper students did extremely well in the Investment Research Challenge organized by the U.S.-based CFA Institute. This year s competition marked the fourth time that a group of Insper students participated and the first time that an Insper team won. Congratulations to students Andre Cimerman, Annibal Hafers Mendes, Gustavo Massami Tachibana, Lucas Kenji Ishii, Victor Beattie and their Advising Professor Michael Viriato Araújo. The top two scores in the exam of the National Association of Graduate Centers in Economics (ANPEC), considering the ranking of the best economics graduate programs in Brazil, were obtained by Felipe Alduino Alves and Gustavo Passareli Giroud Joaquim, who are both students in Insper s economics program. Of the top 50 scores, ten were achieved by students who completed the series of courses in advanced economics offered by Insper, which is also successful executives. The program s first phase involved redesigning the statistics courses in Insper s undergraduate program, focusing the tools and knowledge covered on the problem solving method known as PDCA (Plan, Do, Check and Act). Insper Certification, which attests knowledge in applying a structured approach in solving a complex organizational problem. After five semesters of intensively learning the method, students go out into the field to put into practice what they have learned. In the second semester of 2011, over 80 Business Administration students tackled real-world problems at 13 partner companies, for a total of 16 projects. open to students from other schools. To all who scored well on the exam, we congratulate you on your achievement. Students who won the Brazilian phase of the Investment Research Challenge and their Advising Professor Students in the sixth semester during Effective Problem Solving activities at Natura with their mentor, Gabriel dos Santos, Senior Advisor from Booz&Co.

9 Retrospective Number of Insper students sent on exchange programs and number of foreign students received by Insper Insper students in exchange programs Insper guides its actions through accreditation criteria at the national and international levels and also pursues the highest levels of corporate governance Foreign students received Governance highlights Since 2006, Insper has adopted the use of qualified and experienced professionals in their fields selfassessment bodies and, drawing on the active (business, educators, entrepreneurs, etc.), including participation of various stakeholders, has been able to develop activities, processes and projects to Alumni, who help evaluate the School s long-term projects and planning. Exchange program continually improve itself. The self-assessment activities are concentrated in two commissions that work together to create a transparent process, which demonstrates the Institution s commitment to high quality management practices. In 2011, the CPA was expanded to 49 members, one-third of who were undergraduate students. These members were divided into sub-commissions responsible for analyzing, criticizing and evaluating important issues and making suggestions. The self-criticism encouraged by this process Insper established new partnerships that allowed it to offer exchange opportunities at four more European universities/business schools: Copenhagen Business School in Denmark; University of Mannheim in Germany; University of Groningen in the Netherlands; and Universitat Pompeu Fabra in Spain. In 2011, 52 undergraduate students participated in exchange programs at 16 different institutions. Meanwhile, Insper received 36 foreign students from ten partner institutions located in Argentina, Belgium, Spain, France, Netherlands, Italy and Portugal. The Internal Evaluation Commission (CPA) heightens the Institution s capacity to fulfill its includes members from all areas of the Insper mission and vision by enhancing its strategies and Community who reflect together on the Institution s decision-making processes and better focusing opportunities for development and the strategies efforts to achieve the desired results and make for achieving these goals. Meanwhile, the External efficient use of resources. Evaluation Commission (CEA) is formed by highly Inaugural Class for Undergraduate Students with Arminio Fraga, February 2011 Marcos Lisboa, member of the CEA since 2006 Insper maintains partnerships with over 30 universities/business schools around the world.

10 Research Highlights in 2011 In 2011, three new research professors joined the School s faculty: José Heleno Faro, Marcelo Rodrigues dos Santos and Tatiana M. Q. Farina, who respectively cover the fields: Choice Theory, General Equilibrium Under Uncertainty and Finance; Dynamic Macroeconomics, Quantitative Development and Methods; and Quantitative Marketing and Industrial Organization. Insper regularly sponsors academic seminars hosted by guest professors. In 2011, there were four series of seminars: Macroeconomics and Finance, Microeconomics and Statistics, Business Administration and General Seminars. In addition to academic seminars, Insper also organizes international seminars in a variety of fields with the participation of researchers from foreign institutions. The highlights of 2011 included: U.S. Federal Reserve Policy: What it Means for Brazil and Emerging Markets, with Professor Randall S. Kroszner from the University of Chicago Booth School of Business, and the participation of President Claudio Haddad and Associate Professor Marcelo Moura from Insper. participation of Paulo Uebel, executive director at Instituto Millenium, and Claudio Haddad. Nation Branding: Israel, BRICs, and PIGS, with Professor David Reibstein from the Wharton School at the University of Pennsylvania. Creating New High-Tech Industries: The Israeli Experience and Implications for Brazil, a joint seminar with Tel Aviv University, with the participation of Professor Shmuel Ellis from Tel Aviv University, João Fernando Gomes de Oliveira, president of Instituto de Pesquisas Tecnológicas (IPT), José Luiz Osório, partner at Jardim Botânico Investimentos, and Claudio Haddad. We also hosted, in partnership with Fundação Estudar, Nitin Noriah, the dean of Harvard Business School, who gave a lecture entitled The Global Century of Business. Saving Capitalism from the Capitalists, with Professor Luigi Zingales from the University of Chicago Booth School of Business, with the Academic Research Also in 2011, Insper s publication on economics and business administration, Revista de Economia e Administração, celebrated its tenth anniversary, which is a source of great pride for the School s entire community. The Web portal Insper Conhecimento has also become an important institutional channel for disseminating the academic papers developed at Insper.

11 Academic Research The Center for Public Policies (CPP) fosters research that endeavors to identify solutions to the problems faced by Brazil s economy. The areas in which the center conducts research include: Criminality, Foreign Trade, Education, Politics, Industrial Organization, Labor Market and Health. In 2011, the CPP sponsored the following events: The seminar Vitimização em São Paulo (Victimization in São Paulo), in which research was presented that won the call for papers Os Determinantes da Vitimização em São Paulo ao longo do Tempo (The Determinants of Victimization in São Paulo over Time) that was launched by Insper in Participating in the event were Ernesto Schargrodsky, professor at Universidad Torcuato di Tella in Argentina; João Manuel Pinho de Mello, professor at PUC-RJ, Marcelo Santos, professor at ESALQ-USP, Fábio Gomes, professor at Fucape-ES, and Betânia Peixoto, professor at Fundação João Pinheiro - MG. CPP Lectures (mini-course) on macro-finance and the Seminar Information in the Corporate and Term Spreads: a Macro-Financial Approach, both with Hans Dewachter, professor of Economics at the University of Leuven in Belgium. CPP Lectures (mini-course) on Modelos e Métodos em Economia Política (Models and Methods in Political Economics), with Filipe R. Campante, professor at Harvard Kennedy School. 1 st Forum on Public Policies hosted by Insper s Center for Public Policies (CPP), which discussed the following themes: Crime with Ernesto Schargrodsky, professor at Universidad Torcuato di Tella, Leandro Piquet Carneiro, professor at USP, Denis Mizne, executive director at Fundação Lemann, and Regina Madalozzo, professor at Insper. Education with Flávio Cunha, professor at the University of Pennsylvania, Francisco Soares, professor at UFMG, Fernando Veloso, researcher at Brazilian Institute of Economics (IBRE) at FGV, and Naércio Menezes Filho, full professor (IFB chair) and director of the CPP at Insper. Fiscal and Inflation Policy with Eric Leeper, professor at Indiana University, Samuel Pessoa of Tendências Consultoria Integradas, Marcos Lisboa, vice-president at Itaú, and Marcelo Moura, associate professor at Insper. Seminário CPP e Fundação Brava: Rio de Janeiro e as UPPs (CPP and Brava Foundation Seminar: Rio de Janeiro and the Pacifying Police Units), with the presence of Carlos Roberto Osorio, municipal secretary of conservation and public services, and Pedro Henrique de Cristo, strategy and development consultant at the United Nations. Eurozone Debt Crisis seminars, with Michael businesspeople across Brazil. Waibel, professor at the University of Cambridge. Also in 2011, Insper s publication on economics and business administration, Revista de Economia Meanwhile, the Strategy Research Center (CPE) fosters research into business strategy based on interaction between organizations and the academic community. Since 2008, the center, in partnership with Grupo Santander Brasil, has published the Brazilian Small and Medium Business Confidence Index (IC-PMN). The indicator is gaining notoriety and e Administração, celebrated its tenth anniversary, which is a source of great pride for the School s entire community. The Web portal Insper Conhecimento has also become the main channel for publishing the Institute s academic knowledge, which features academic papers and publications by more than 20 research professors. is already accompanied by many media vehicles and Research Production - Insper International Papers Brazilian Papers Chapters Books The drop-off in academic production in 2011 reflects the change in Insper s research policy. Since 2010, research professors are encouraged to direct their publications to journals with the highest impact in their fields of study, which in general have lengthier evaluation processes. George Stigler Award for Excellence in Research Since 2000, Insper has distinguished the best Ambiguous Valuation, Economic Theory, accepted. research papers published by the School s professors Aloisio Araujo, Alain Chateauneuf, José Heleno Faro. through the George Stigler Award. This year, the award Paper: ICT and Productivity in Developing recognized two papers, with professors José Heleno Countries: New Firm-Level Evidence from Brazil Faro and Naercio Menezes Filho sharing first place. and India, The Review of Economics and Statistics, Simon Commander, Rupert Harrison, Naercio Paper: Pricing Rules and Arrow Debreu Menezes Filho.

12 Career Center Despite the moderate growth in Brazil s labor market in 2011, the Career Center significantly expanded its relationships with employers to increase the number of job opportunities made available to students and alumni. The center was very active on campus offering undergraduate and graduate students career advice and organizing lectures, round tables and meetings. It also sponsored debates for the Alumni Community on issues that included leadership, people management, negotiating, opportunities and risks in the labor market, career trends, as well as corporate finance, marketing, logistics, financial markets and social responsibility. In addition to contributing to the professional development of students and alumni, the Careers Center launched a profile on Facebook that is open to the entire Insper Community and anyone else interested in the center s activities. Visitors to the profile can find answers to their questions and get advice on the job market and career planning. In 2011, the Job Board registered a 21% increase in job listings compared to 2010, with a total of 9,389. The board advertised job openings as well as trainee and internship opportunities in a wide array of fields and industries, which included strategy consultants in the banking and finance industry, positions at companies in the consumer goods, telecom and marketing sectors, as well as opportunities at charitable organizations and various other entities. Number of openings advertised on the Job Board Breakdown of openings advertised on the Job Board to students and alumni 11% 10% 56% Job Trainee Internship Industries that most advertised on the Job Board Insper and the Job Market 207 Banking Finance Strategic Consulting HR Consulting Other Industries Other Industries: Agribusiness, Retailing, Consumer Goods, Law, Logistics, Charitable Organizations, IT, Telecommunications, Infrastructure, etc.

13 Insper Experience Undergraduate Programs We are constantly asking ourselves if our students of the Business Administration program was have achieved the proposed learning goals. And it introducing the course Effective Problem Solving was based on this question that the curriculum of (REP), which is a pioneering program that gives the undergraduate programs, after a meticulous students an opportunity to participate in real-world evaluation in 2009 and 2010, was subjected to a projects and experience the day-to-day routines at restructuring process. large organizations. Last year we made possible a more effective To overcome these challenges, students were Insper students also achieved the top two scores Education, in which Insper ranked seventh overall educational experience. By integrating related guided by experienced mentors that could offer in the national exam conducted by the National and was one of just 27 institutions of higher learning courses and the new formats for class plans, a new consistent instruction and support them in their Association of Graduate Centers in Economics in Brazil that received the maximum grade of five. curriculum was implemented that took into account learning process and professional development. (ANPEC), which is responsible for the admissions the demands and challenges faced by organizations processes for masters programs in the country s top This and other achievements show that the and society in order to offer pragmatic development The year 2011 was especially important for our graduate schools. assessments and efforts made to achieve Insper s centered on problem solving, teamwork and a goal- undergraduate programs. A team of Insper students educational goals, which identify potential learning oriented approach. won the Investment Research Challenge organized In December 2011, the results were published gaps and propose improvements in the teaching by the CFA Institute, which is renowned for certifying of the assessment conducted by the Ministry of process, have been enjoying more aggressive results. One of the main innovations in the curriculum financial analysts worldwide. Business Administration Applicant/Opening Ratio 7,2 7,2 Economics Applicant/Opening Ratio 6,8 Professional situation of undergraduate students upon graduating (2011) Employed 8% 4% 5,9 4,9 4,2 4% 96% % As of 2010, the total number of openings in the undergraduate admissions examination was increased by 50% (from 150 to 225 openings). Employed graduates In recruiting process Private sector, including charitable organizations Entrepreneurs Graduate / Extension / Masters

14 Insper Experience Professional Masters in Economics Created in 2004, Insper s first stricto sensu program reached the mark of 180 dissertations defended in Its very highly qualified and experienced faculty is formed by professors with doctorates from prestigious international schools. The program also combines a pragmatic approach with academic rigor. Insper s Professional Masters in Economics program was highly rated in the last evaluation conducted for the period conducted by CAPES, the federal agency regulating stricto sensu graduate programs, receiving the maximum grade of 5. In recent years, various professors and students have received national and international awards for the work they have developed during the program, providing yet another sign of the high quality of Insper s Masters in Economics program Professional Master in Economics As of 2010, applicants are classified as Applicants (those who completed the registration process and duly presented all documents) and Students Enrolled (those approved for the Professional Masters programs) Professional Masters in Business Administration The Professional Masters in Business School of Business of the University of Virginia. Administration, which was launched in early Inscritos 2007, already has 29 dissertations successfully defended. The program provides solid academic Matriculados development and covers the three fundamental pillars of Business Strategy (Competitive, Corporate and Organizational Strategy). The high quality of the works is borne out by the recognition received from the academic community, with works published in conference proceedings and the work published in December 2011 in the journal specializing in business administration Revista de Administração de Empresas of the Getúlio Vargas Foundation (FGV). In the evaluation conducted by CAPES for the three-year period from (with the results announced in 2010), the program received the maximum score in the categories of program proposal and social insertion, and received high scores in the categories faculty and intellectual and technical production. Since only three students have defended their dissertations as of 2009, the program was not evaluated in terms of its student body. The program is known for its highly diverse student body, attracting professionals from a wide 2009 array 204 of industries, and this year it also attracted two 40 students from the renowned business school 2010 New University of Lisbon, with which it offers a dualdiploma program The 148 program offers students the opportunity to 40 participate in an international extension module, with one representative participating this year in the International Extension program at the Darden Professional Master in Business Administration Applicants Enrolled As of 2010, applicants are classified as Applicants (those who completed the registration process and duly presented all documents) and Students Enrolled (those approved for the Professional Masters programs).

15 Insper Experience Executive MBAs The year 2011 was extremely important for consolidating the reputation of our Executive MBA programs. The Executive MBA and Executive MBA in Finance are one of just a few programs of their type in Brazil to hold accreditation from the Association to Advance Collegiate Schools of Business (AACSB International). Other national and international certifications the Association of MBAs (AMBA) and Certificates the National MBA Association (Anamba) further attest to the quality of our programs, placing them In 2011, the process to better align the courses in the Certificates program with the Institution s alongside the most highly respected MBAs in Europe, Latin America and the United States. educational approach was concluded. This made the program even more results-oriented, which obligatorily involves developing specific skill sets in the areas of problem solving, critical analysis, communication and teamwork. Continuing the process to expand its international presence, in 2011, Insper maintained important partnerships with prominent educational institutions and received 215 foreign students: This year we forged a partnership with The Lisbon MBA program organized by the New University of Lisbon, Catholic University of Lisbon and the Given this effort, the focus in the year was to revise the Certificate in Business Administration (CBA) program, which was reoriented to the goal of offering a more intensive approach in skills related to interpersonal relationships and communication, the so-called soft skills. This redesign also introduced into the CBA the possibility of offering different paths for concluding the program, with the opportunity to specialize even more in certain areas. One example of this alternative was the development in 2011 of the Certificate in Business Project (CBP), which will become part of the group of Certificate programs offered in professionals starting their career. However, in the program s second phase, students now have the option of specializing in Business Administration or in Management of Organizational Projects. This modification will allow other similar programs to be created in the coming years in order to meet Rotman School Management University of Toronto (Canada) University of St. Gallen (Switzerland) Cranfield School of Management (United Kingdom) Charles H. Dyson School of Applied Economics and Management Cornell University (USA) Darden Graduate School of Business University of Virginia (USA) Tuck School of Business at Dartmouth (USA) The School also arranged for 28 of its students and alumni to complement their education at the Darden School of Business at the University of Virginia. Massachusetts Institute of Technology (MIT) for an extension program through which students spend two weeks in Brazil and two weeks in Portugal. During this time, the students analyze and solve a specific problem at a large hotel group and then develop and propose solutions as they work together on a multicultural and international team. Meanwhile, the extension program for the Executive MBA in Healthcare Management HIAE (Hospital Israelita Albert Einstein) was held in one of the most traditional institutions of Pennsylvania, Philadelphia International Medicine, with 19 students participating. No changes were made to the foundation of the any specific demands that emerge in the market. CBA and CBP programs, which is fundamental for Variation CERTIFICATES Applicants 1,618 1,212 1,418 17% Applicants - - 1,310 0% Applicants Accepted % Students Enrolled % Yield (Enrolled/Accepted) 74% 94% 89% In 2011, the applicants began to be classified as Registered (total number of registrations) and Applicants (number of registrations concluded) Variation MBA Applicants 1,560 1,447 1,670 15% Applicants - - 1,035 Applicants Accepted % Students Enrolled % Yield (Enrolled/Accepted) 70% 93% 85% In 2011, the applicants began to be classified as Registered (total number of registrations) and Applicants (number of registrations concluded).

16 Insper Experience Executive Education Open-enrollment programs LL.M. Master of Laws The year 2011 represented a moment to reevaluate our Master of Laws programs, which comprise the Corporate Law, Tax Law, Contract Law and Financial and Capital Market Law programs. The programs underwent a curriculum review process, which started with surveys of the students, alumni, professors, market professionals and highly regarded international universities. By immersing them in the learning experience and concentrating on highly relevant topics, Insper s Executive Education programs transform the knowledge and behavior of its students. We prepare executives to attain new heights of leadership at their organizations through a process that will accompany them over their entire career. In 2011, Insper formed partnerships with Brazilian and international institutions to develop new academic programs. One example is the partnership with the Spanish business school IE Business School and Turnaround Management Association, which developed a unique program that focuses on teaching the various phases involved in managing and turning around distressed companies so that students can understand and tackle the challenges and processes of a restructuring process. Appearing for the fifth time in the ranking compiled by the British newspaper Financial Times, the program ranked highly in terms of the quality of the programs offered, placing 30 th worldwide. Over the last two years, we observed strong growth in the demand for our programs and consequently an increase in the number of students, classes and professors, while always maintaining the program s quality. We also formed a partnership with PricewaterhouseCoopers, which in 2012 should also Professional Profile of Participants Selected Program In 2011, the LL.M. programs received over 700 applications in the admissions process, of which, after a meticulous process, 251 students were enrolled. In addition, 49 dissertations were evaluated support our effort to publish, in the compendium Coleção Academia e Empresa, the best dissertations from the Insper s LL.M. programs. 17% 11% 29% 43% 14% 39% 47% and presented to the examining panel, with the six Senior Management Strategy and Marketing best published in partnership with Editora Almedina General Management Finance in the first Insper-Almedina collection entitled 1ª Specialists and Analysts Leadership and People Coleção Insper Almedina, which was launched in Consultants and Lawyers November Age Bracket LLM Variation Over 50 years 9% From 40 to 49 years 18% Male Female 38% 62% Applicants % Applicants % From 30 to 39 years 45% Applicants Accepted % Students Enrolled % Under 29 years 28% Yield (Enrolled/Accepted) 67% 94% 93% As of 2011, applicants are classified as registered (total number of registrations) and applicants (number of registrations finalized)

17 Insper Experience Insper s Executive Education is a unique and stimulating educational experience that is aligned with the needs of corporations and the latest business trends. Insper develops and delivers Executive Education Programs that rigorously combine theory with practice. This means that our Programs go beyond the theoretical realm to develop competencies that can be immediately applied to the situations students face every day. Insper s Executive Education prepares executives to adopt strategic management at their organizations and to manage them at high levels of performance. Custom Programs The Custom Programs area of Executive Education meets the demand from national and international corporations by designing programs that, once the specific needs of each are identified, contribute effectively to developing the competencies of their managers. We adopt a consultative approach to conceiving and designing the Custom Programs. In the first phase of customization, we work to understand the organization s strategy, culture and values. We also conduct a survey of the needs and required competencies and then craft a program that will effectively help the organization achieve its strategic objectives. In 2011, 23 organizations chose Insper as the partner to best help them tackle the challenges they face in effectively developing their executives. These organizations came from a variety of industries, such as banking and financial services, telecommunications, information technology, media and advertising, automotive, steel, petrochemical, food and others. In the year, Insper s Custom Programs maintained its international prestige by figuring 24 th in the world in the ranking published by the Financial Times. Executive Education - Corporate Programs Clients Programs Delivered Students Served 1,809 2,547 2,083 Classroom Hours 4,999 5,468 6,040 In the second phase, which is conducted before each course, we refine the program to ensure that the content and classroom dynamics remain fully aligned with the organization s reality and needs. In this phase, the customization process is conducted by the program s professor and associate dean jointly with representatives from the organization. This effort to refine and align the content continues throughout the entire program in order to hone the various organizational competencies. Upon conclusion of each course, we conduct, together with the organization, a general evaluation to see if the learning objectives are being met, which ensures concrete results for the organization contracting the program. Partner companies in 2011: ABRASCE HSBC ARMCO ITAU BRADESCO J&J BRFOODS LATAPACKBALL CHS MEIO E MENSAGEM CONIB NEXTEL CPFL ODEBRECHT DELL SANTANDER DEUSTSCHE BANK TELEFÔNICA GERDAU TOYOTA GRUBO ABC YPO WPO In the ranking published by the Financial Times, Insper also performed exceptionally well in the criteria repurchase by placing second, which attests to the high level of satisfaction of its clients. Moreover, the facilities of Insper s Executive Education program were ranked as one of the ten best in the world.

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